§ 10–703
Statutes in effect as of October 1, 2026.
Md. Code Ann., Corps. & Ass'ns § 10-703 (2026)
Title 10. Limited Partnership Act
Subtitle 7. Assignment of Partnership Interests
§ 10–703LinkCopy Citation
(a)
An assignee of a partnership interest, including an assignee of a general partner, may become a limited partner if and to the extent that:
(1)
The assignor gives the assignee that right in accordance with authority described in the partnership agreement; or
(2)
All other partners consent.
(b)
An assignee who has become a limited partner has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a limited partner under the partnership agreement and this title. An assignee who becomes a limited partner also is liable for the obligations of his assignor to make and return contributions as provided in Subtitle 5 and Subtitle 6 of this title. However, the assignee is not obligated for liabilities unknown to the assignee at the time he became a limited partner and which could not be ascertained from the certificate or the partnership agreement.
(c)
If an assignee of a partnership interest becomes a limited partner, the assignor is not released from his liability to the limited partnership under §§ 10–502 and 10–608 of this title.